Portugal passes latest troika assessment

Deputy PM says 1% of GDP growth expected for 2014

02 May, 17:24

    (ANSAmed) - LISBON, MAY 2 - The Portuguese government announced on Friday that the so-called troika of international creditors (ECB,EU, and IMF) had approved the efforts undertaken by the country to comply with the aid program agreed three years ago in exchange for a 76-billion-euro loan. ''The twelfth assessment was positive,'' Deputy Prime Minister Paulo Portas said in a press conference, underscoring the ''climate of confidence coming from all European markets.'' Portas added that the international creditors had urged the government to push forward with reforms that the opposition, unions and most citizens - including military and police associations - are against. The deputy prime minister underscored that at the June 2011 swearing in of Pedro Passos Coelho's conservative government, interest rates on ten-year government bonds had stood at 10.6%, whereas they have now dropped to 3.6%. ''These years have been very painful in terms of the efforts put forth by the Portuguese. They have been tough years, but moderation always got the upper hand,'' Portas said, noting that there had not been any violence in the many mass protests against the troika and government. Portas said that the government expects to see 1% growth of GDP in 2014 after three years of recession, and that the deficit had dropped from 9.8% of GDP in 2010 to 4.9% in 2013. (ANSAmed).

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